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to charlie evans at 8:30 eastern time. and then it is your money, your vote. we'll start the countdown to the first presidential tee batd, that is on wednesday night. we'll be turning to a pair of political strategists in the next half hour for a preview. plus a cnbc exclusive, julia boars sten catching up with sheryl sandberg. including just how many people put everything about themselves online. >> does it scare that you you've helped create a generation of oversharers? >> i think what we give is people the ability to share what they want. what is one person's ridiculous oversharing is another person's regular day and we build technology that lets users share what they want to share and that's tremendously exciting. >> julia will join us with more of that conversation coming up at 7:30. and we'll find out why craig barrett is not a facebook fan. and in sports news, yes, europe has retained the ryder cup. staging a comeback after the u.s. began sunday with a big lead. europe has won five of the last six matches. this was a heartbreak for anyone watching this. we'll talk more about tha
he expects the fed to do in january once operation twist i understand. we had an answer from charlie evans this morning. he thinks the fed should keep adding to its balance sheet. right now what it's doing with operation twist is selling short-term securities and buying long-term ones. the effect of that is neutral as to the size of the balance sheet. charlie evans says he wants to take the $40 billion they're spending on mortgages, continue that but do a total $85 billion net addition to the balance sheet. i'd like to ask fed chairman ben bernanke if that's what he expects. >> let's listen in here. obviously i was struck, steve, by how sort of full-throated -- i've used that phrase several times and i apologize for that -- but his defense was of fed policy. will that quell any of his critics? >> i don't think so. i think really people have dug in their heels on this. i think the one question and one criticism has been about inflation. to the critics, where is the inflation. >> sorry to interrupt. let's listen to some questions. >> -- the staff will be through to pick them up or you
the internals were on the ism. i talked to charlie evans this morning. he was one of the advocates of what we're calling the q.e. infinity program, the idea of keeping your foot on the accelerator, the central bank keeping its foot on the accelerator as long as employment remained above 7%. just a little background, the fed did not go with evans' specific proposal but did create an open-ended quantitative easing. so i asked him, how open-ended is it? what happens at the end of this year when operation twist ends? what happens to additions to the balance sheet? here's what he said. >> i frankly think it's going to take almost a year in order to see the type of improvement in labor markets that i'm expecting, just getting through the first half of next year with the headwinds that we're facing. i think that it's probably later in 2013 that we would get there. so in my opinion, we'd continue with those asset purchases until we see payroll employment more like 200,000, 250,000. >> continue at $85 billion into all of 2013? >> this is my recommendation. >> it's important to parse it just a little b
equilibrium model and see if, perhaps, we can do with a 31-inch yard. that's what charlie evans is saying, in effect, they are seeing into the future, they say, and improving the future, but before it can come to pass. d tt succeeding. >> i think 34 -- if you're going to measure a yardstick in another realm, it is 34.3, isn't it? >> no, it's 36. >> it's relativity. length contraction time -- >> that's part of the problem. that's part of the problem. >> you've heard of length contraction and time dilation, right? >> we should talk in simple terms, joe. >> not general relativity. but einstein made a fortune in physics. so you're saying that -- i mean at 8%, you're not feeling the pain of all these people that are out of work. and we've got no fiscal solutions, we've got a deadlocked congress, congress can't do anything, they're the only game in town. that's got to help. >> empathy is not the way forward. the way forward is to think through the problem. >> it is staggering that they think they need to make -- >> they have an atlas complex, which is not helping. >> they should be shrugging. >
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